The TISA MiFID Challenge.

We all know MiFID is certainly proving challenging for the market. We are hoping to help.

The Markets in Financial Instruments Directive (MiFID II) has been a monster, the MiFID monster as people have described it over the past year.

TISA has so far produced four good practice guides on the incoming regulation and had four working groups over the past year developing good working practice. However the work we have put into the target market, the European MiFID template, as well as costs and charges, has shown there needs to be a better solution.

There are millions of data points shared across hundreds of product manufacturers and thousands of distributors across both the UK & Europe, there has to be a better way forward.

Our next step at TISA with our members & industry collaborators is to create an industry standard and an evidence-based structure that dictates how data can be updated and shared in a consistent manner. The project we have set up looks at how MiFIDII presented institutions with a huge amount of data to transfer between businesses along the product chain.

This is both with costs and charges and product distribution and then there is also target market data getting back from product distributors to manufacturers. This causes a huge headache for the whole industry.

We are trying to develop a solution and standard to help us mitigate that. It looks at how we can save costs for financial services and also how can we deliver better outcomes to consumers as well.

Sounds challenging and exciting but we are determined to deliver – watch this space!

Peter Smith is Head of Industry Policy Liaison at TISA.